First‑time buyer urges stronger Help‑to‑Buy boost in Budget 2027

Budget 2027 is expected to include proposals aimed at increasing buying power for first‑time buyers, according to a prospective buyer in Clare.

Fianna Fáil Housing Minister James Browne has suggested raising the Help‑to‑Buy tax refund from €20,000 to €50,000, the first increase since the scheme was introduced in 2020. The scheme currently allows first‑time buyers of new homes priced under €500,000 to claim back the lesser of €30,000, 10 % of the purchase price, or the income tax and DIRT paid in the four years prior to applying.

Back‑bench Fianna Fáil TDs have also floated removing the 1 % stamp duty levy for first‑time buyers, but Tánaiste Simon Harris has ruled out such measures, while Taoiseach Micheál Martin may still consider a stamp‑duty cut.

Adam, a single buyer from Ardnacrusha, said he has saved a substantial deposit and could obtain mortgage approval quickly, yet he is priced out of the market. He noted that most new builds cost around €300,000, making the Help‑to‑Buy scheme “out of the question” for him, and argued that a means‑tested increase in buying power for single savers would be more effective than a stamp‑duty cut.

The government appears focused on rent‑related measures, including a possible increase to the Rent‑a‑Room scheme (currently tax‑free up to €14,000) and a rise in the Rent Tax Credit by €250‑€300.

Source: Clare Champion. Photo: Curtis Adams / Pexels.